Comments for http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml en-gb 30 Sun 21 Sep 2014 10:41:46 GMT+1 A feed of user comments from the page found at http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml SeriousSoundBiter http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=90#comment10 Various.A good council house programme would have solved your problems for you. Wed 25 Feb 2009 17:56:39 GMT+1 needsanewnickname http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=81#comment9 Yep, me, too, single and got heavily sold an endowment.Huh. Mon 23 Feb 2009 21:45:18 GMT+1 Charlie http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=72#comment8 Big_Sis(6)lFF(8)I'm afraid to say that women were (and to some extent, in certain areas, still are being) given a very rough ride in this country. A great shame.Still, who listens to an old-f*rt like me..? Mon 23 Feb 2009 16:05:17 GMT+1 littleFluffyFi http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=63#comment7 (5) and (7), enjoyed reading your posts - how times have changed indeed! My SO recalls enquiring about a mortgage in the mid 70's but he had not had his account with the bank for long enough, or have enough of a deposit. Yet in recent years (before the crash obviously), friends were able to self-certify for a mortgage of over 5 times what they actually earn. I bought my first house in 1986 - it was hard getting a mortgage even then. I also had an endowment mortgage - I can't recall if I had to take an endowment but I do recall it being very heavily sold to me......I was also a single woman then. My endowment policy also won't pay out anywhere near the amount that was "guaranteed" at the time. Mon 23 Feb 2009 15:35:46 GMT+1 Charlie http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=54#comment6 (5) I should have added that also, the borrower had to use a legal firm approved by the Lender (a choice of up to six would often be given) and pay all legal fees from savings. No loans for them. Often the solicitors chosen, would require payment of the 10% property purchase deposit AND their fee (using a sliding scale recommended by the Law Society) prior to commencment of the work involved.Happy Days! Mon 23 Feb 2009 14:47:04 GMT+1 Big Sister http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=45#comment5 (5) Your posting rang a lot of bells for me. As a single woman I was unable to get any kind of a mortgage for many years, which put me in the hands of greedy landlords. It was galling to be paying more in rent that I would have in mortgage repayments. Eventually I was able to arrange a mortgage, but on the condition I took out an endowment which, having no dependants, was a total nonsense. And, guess what?, I now find that it will not repay my loan when it matures in the next few years. I'm sure I'm not the only woman who has found themselves stitched up all the way down the line just for being a woman, but I do not ultimately regret having bought my own home because with it came much greater security and freedom to chose where I live. Nonetheless, I feel a latent frustration that it was made so much harder for me, just on the basis of my sex, and that this has contributed to a degree of poverty throughout my working life. Mon 23 Feb 2009 14:13:52 GMT+1 Charlie http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=36#comment4 If I remember correctly, Banks located in the UK were not allowed to advance funds for house purchase mortgages until circa 1973. The only exception was to a "qualifying" member of staff. The rationale for the Banks being disfranchised in this way lay in the "borrowing-short, lending-long" fear and "national" coverage, therefore possible fragility of such loans within the banking network. No one could obtain a mortgage advance under the age of 21yrs - the then age of majority. Building Societies, of course "borrowed-short" and "lent-long" but unlike Banks were more often than not, smaller, regional institutions. Then, the majority of people didn't have a Bank account, but did have a Building Society "Savings" and Current account. So, the Building Society had inherent financial stability. And, as "the last thing any borrower would do is default on the payment on their own home" then, any "run" caused by say a large regional employer going-under or, a natural disaster of some sort occuring would likely be limited.20 - 25 years maximum term.Similarly, some Local Authorites made 20 year mortgage advances at fixed rates. My father declined a Local Authority 4% fixed, 20 year rate advance in 1950, "they're trying to rip-me-off". So, that's where MY financial acumen came from!To obtain a mortgage you had to be a saver with the Society concerned (minimum term usually 12 months). Often having to join a "mortgage queue" and wait 6 - 12 months until the society had sufficient liquidity to lend. Banks had no such limitations for their staff as they were then, required (in simple terms) to have at all times minimum "Reserves" of thirty times "Capital". Also, Bank staff could then, borrow three times single/ three-and-a-half times joint salaries. Such staff were, after all, as we well know, fiscally responsible. No car loans from Building Societies OR any other non-house purchase loans.Buying a second home by borrowing? Almost unheard of! Buying abroad? Not with borrowings from a UK lender! And, even if one did, using savings/investment income, there was Bank of England Exchange Control permission to obtain (NOT at all easy) and the requirement then to purchase the currency required via the Premium Dollar market. Oh, and the annual holiday travel allowance per passport holder was GBP50, which allowance was stamped into the passport by an authorised Bank Official. Exceptions? You're having a laugh!So, for the non-Bank employee, after the invariable waiting time;10% minimum deposit, two-and-a-half times single/three-times joint salaries was the maximum advance. ALL house related out-goings (Rates, Ins. likely Gas and Elect) could not exceed 30% Gross of the the highest income earner. Un-married couples etc? Don't go there. Remember, this was almost 40 years ago. And, the management of any Society could vary the terms offered - downwards.R.C.I.S Survey required and if not a full "Structural" survey, any and all areas of possible concern mentioned by the Surveyor, had to be further investigated. All defects accepted by the Lender (a cracked toilet bowl being a minor defect for example) had to be rectified within, usually six-months and be certified as having been done. More serious issues such as the need for re-wiring, had to be certified as having been done by a R.I.C.S. memberDisappointed would be borrowers? Legion. Single women were not favoured, certain occupations frowned upon. Divorced..? Difficult.Of course things changed quite quickly from that time on. Some things, inevitably, for the better. Mon 23 Feb 2009 13:52:33 GMT+1 Gillianian http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=27#comment3 ''Everyone in this office is looking unusually clean and shiny''........that's because I've just cleaned my computer screen!It's amazing what a bit of spit and polish can do ;o) Mon 23 Feb 2009 12:44:12 GMT+1 U12196018 http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=18#comment2 Happy Mondays. Mon 23 Feb 2009 11:44:00 GMT+1 Big Sister http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=9#comment1 And a very happy Monday to you, too, Sequin!In view of Ed's activities on Inauguration Day (providing the catering, I seem to recall), can we assume he is now involved in red carpet cleaning?"And the award for carpet cleaner of the year goes to - Eddie Mair!" Mon 23 Feb 2009 11:22:40 GMT+1 ValeryP http://www.bbc.co.uk/blogs/pm/2009/02/happy_monday.shtml?page=0#comment0 Happy Monday to you too, Sequin - and a big round of applause to Jo :-) Mon 23 Feb 2009 10:34:27 GMT+1